How to Rent Out Real Estate in Colorado Springs

Greg Bacheller

Apr 09 2024

Thinking of converting your home into a rental property? Maybe you have the opportunity to buy an investment property. As one of the top property management companies in Colorado Springs, we’re ready to share our wisdom. Here are a few things to consider when choosing to rent out real estate in Colorado Springs.

1. Assess the Local Market

First things first, look at the market. Knowing the local market, including narrowing down the specific location your property resides in, will help determine how well your property will do in the current market.

2. Complete Any Repairs

Offering a well-maintained rental property shows prospective tenants that you care about the home and their needs.

3. Have A Thorough Plan For Finding Tenants

Make sure you have your approval criteria set and ready before collecting applications. Verify that they remain compliant with local, state, and federal laws.

4. Brush Up On The Laws

Property management is a highly regulated industry. There are strict landlord-tenant laws that govern just about every aspect of managing a rental property and at nearly every level of government, too.

5. Talk to Your Insurance Agent

Talk to your insurance agent to ensure you have the right coverage for your rental property, from coverage for tenant damage to lost rent.

6. Budget, Budget, Budget

It’s important to budget for both the routine costs and the unexpected ones.

7. Hire A Reliable Property Manager

Managing a rental takes time, knowledge, and commitment, all of which professional property managers have in droves. After all, it’s their job! Choosing a reliable property manager to handle the day-to-day management for you helps alleviate a lot of the stress that comes with DIY management.

When you have all of the right resources and preparations made, owning a rental property becomes significantly less daunting. And while every property and situation is different, it pays to prepare where you can.